Shell Dumps Renewable Key Stake

Anything BP can do, Shell can do too. Analysts believe that BP has dumped its so-called green credential and gone back to the basics of drilling oil. Now Shell seems to be doing the same too.

Shell has pulled out of the world’s largest offshore wind farm off Britain, whilst indicating it would prefer to invest in more lucrative oil schemes. Shell said the decision to sell its 33% stake in the £2bn London Array off the coast of Kent was part of an “ongoing review of projects and investment choices.”

But analysts see the decision to drop one of only two renewable schemes being worked on by Shell in Britain as a further sign that the company is retreating back to hydrocarbons at a time when the price of oil just keeps on rising.